6 Ways to Teach Kids About Money

There are dozens of ways to teach children the finer points of money, finances, and budgeting. Some of the techniques have been around for decades, while others are relatively new. All focus on delivering real-world lessons that young minds can comprehend, remember, and carry into adulthood.

Mothers and fathers who take time to show kids how to handle, make, save, spend, and invest money are performing a necessary duty. Some of the most effective tactics for getting the job done include using weekly allowances as teaching tools, assisting older teens as they search for college scholarship awards, working alongside kids who operate small businesses, showing them how to invest, and more. Explore the following suggestions and see which ones are most suitable for your family’s particular situation.

Weekly Allowances Cash allowances are a useful tool for adults who want to demonstrate the value and importance of money. Be careful not to fall into the trap of paying for routine household chores and responsibilities, like helping with dishes, vacuuming, cleaning out the garage, and keeping bedrooms in order. Instead, offer reasonable pay for special jobs, like babysitting, doing extra yard work, or taking on major cleaning jobs. Be fair, use completion deadlines, and negotiate occasional raises for excellent performance.

Paying for College

When older teenagers begin to explore the college scholarship scene, they can get plenty of help from parents and online resources. Utilizing Going Merry scholarships for college students serves as a one-shop-stop for those who prefer to do full-scale scholarship searches and apply for awards on the same website. You can navigate such sites with your son or daughter and use scholarship money to cover a portion of their educational expenses or the whole bill, depending on how much you receive.

Weekend Business Ventures

When children get the urge to start a small business, you’ll need to guide them in how to set it up and conduct operations. Typically, young adults like to explore ventures like lemonade stands, selling candy door-to-door, and setting up small e-commerce businesses. Whether the projects generate a profit or not is unimportant. The goal of working in this way is to acquaint boys and girls with how a small for-profit enterprise works. If they earn something in the process, let them add the amount to a savings account or college fund.


Some parents use a brokerage firm’s demo accounts to show their youngsters about investing. The approach can be a valuable technique for explaining the ins and outs of the securities markets, instructing them about stock evaluation, and demonstrating what it takes to analyze a

typical price chart. High school students are prime candidates for this activity but be sure to oversee their online activities and advise them on each step.


Youngsters acquire money from various sources, including gifts, earned income, allowances, and small online sales of personal goods. Show them how to set up a traditional savings account and make regular contributions to it. Let them know that the amount is not as important as developing the habit of setting aside a portion of every dollar they receive from whatever source.

Online Classes

There are hundreds of online tutorials, webinars, forums, and educational videos specifically designed to teach youngsters about finances. Some are better than others, so be certain to screen several before selecting a few for your child to watch. Don’t let kids watch alone. Moms or dads need to view the lessons, so they know what the children are learning. Then, discuss the central points and answer any questions your son or daughter has about the topic.

Tutorial sites offer long-form classes that do an excellent job of instructing young minds on subjects like borrowing, interest rates, how to save, the mechanics of checking accounts, credit and debit cards, and more. Pre-teens and older kids often develop a fascination for money-related information, which offers parents a prime opportunity to supplement formal lessons with informal discussions and question and answer chats.

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